Sales in Orange County on the Mend!
September 7, 2009 by Mark Roknich
Each year, sales and closings in the three months of September, October and November are typically strong. This year should prove to be no different.
Despite some ongoing concern about the US housing market, especially in commercial real estate, I have noticed an uptick in interest here in Orange County, based upon closed sales, and in particular, upon inquiries by first-time and move-up buyers in the lower price ranges. Inventory is dropping.
Prices have stabilized over the summer in most prices. For single family homes in the $300-500,000 range, prices have actually risen off their bottoms! But the lower prices, combined with still low mortgage interest rates, continue to offer buyers improved affordability and much lower monthly payments.
Multiple offers are common when homes are priced right, as measured by condition and comparable properties. Equity sellers are affected, of course, by competing short sales and REO’s, but buyers prefer “traditional” sales when possible, and will pay a premium for the confidence that can be had by buying from a seller not in distress.
Call me right now at (949) 240-5892. It’s a great time to purchase a rental property, your first home, or an extra condo for that child just graduated from college. Move-up buyers also benefit in a market such as this…keep your current home, convert it to a rental, and purchase that next California dream home!
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